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Chicago agricultural commodities close mixed

Xinhua, July 27, 2016 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities close mixed on Tuesday, with wheat futures plunging as much as 3 percent on pressure from ample global grain supplies.

Soybeans ticked higher, supported by an easing dollar, but held close to an earlier three-month low as a U.S. government report confirmed favourable crop conditions.

Corn inched down, with the market also capped by the U.S. Department of agriculture's weekly crop report late on Monday that showed corn and soybean ratings held steady last week despite hot weather.

The most active corn contract for December delivery fell 1.75 cents, or 0.51 percent, to 3.395 dollars per bushel. September wheat delivery tumbled 14 cents, or 3.26 percent, to 4.15 dollars per bushel. November soybean rose 7.5 cents, or 0.78 percent, to 9.7375 dollars per bushel.

After the close of trading on Monday, the U.S. Department of Agriculture left good-to-excellent condition ratings unchanged for the U.S. soybean and corn crops, when analysts were predicting slightly lower ratings due to heat.

Historically high U.S. crop ratings increased the likelihood for higher-than-normal yields at harvest, analysts said. Endit